NEWS RELEASE
Ocean Park Drills 201.4 metres of 0.52% Copper at the Cerro Grande Copper - Gold - Silver Skarn, Adelita Project, Mexico
May 30, 2012 - Vancouver, B.C. Ocean Park Ventures Corp. ("Ocean Park" or the "Company") (TSX-V: OCP) is pleased to announce additional drill results from the Adelita copper - gold - silver project, Mexico. Strong copper - gold - silver mineralization on surface at the Cerro Grande skarn has been drill confirmed to a depth of greater than 300 vertical metres, and remains open for extension in all directions. The number of mineralized zones and the width of the overall skarn system increases at depth. New results include drill hole CGDD-12-012, which returned 201.4 metres of 0.52% copper, 0.15 g/t gold and 12.5 g/t silver. This included a 69.3 metre intercept returning 1.28% copper, 0.36 g/t gold and 32.6 g/t silver. CGDD-12-012 was drilled at an oblique angle to the mineralized zone. Estimated true width of the discovery is between 30 and 60 metres. Drill hole CCGDD-12-012 tested the down-dip projection of previously reported mineralization in drill hole CGDD-12-009, which returned 105.2 metres of 1.03% copper, 0.45 g/t gold, and 36.3 g/t silver(see Ocean Park news release of May 3rd, 2012). Results are summarized in the table and cross section below.
Drill Hole |
Interval From (m) |
Interval
To
(m) |
Interval Length (m) |
|
Copper
% |
Gold
g/t |
Silver
g/t |
CuEq
% |
Comment |
CGDD-12-011 |
87.4 |
91.8 |
4.5 |
|
0.73 |
0.03 |
14.4 |
0.91 |
Zone 1 |
|
159.2 |
264.5 |
105.3 |
|
0.25 |
0.07 |
7.4 |
0.38 |
Total |
including |
159.2 |
163.3 |
4.1 |
|
0.83 |
0.07 |
22.2 |
1.12 |
Zone 2 |
including |
175.6 |
194.1 |
18.5 |
|
0.52 |
0.15 |
21.0 |
0.84 |
Zone 3 |
including |
241.0 |
261.4 |
20.5 |
|
0.41 |
0.15 |
6.6 |
0.58 |
Zone 4 |
CGDD-12-012 |
27.0 |
228.4 |
201.4 |
|
0.52 |
0.15 |
12.5 |
0.74 |
Total |
|
154.4 |
223.7 |
69.3 |
|
1.28 |
0.36 |
32.6 |
1.86 |
Main |
|
189.7 |
190.4 |
0.7 |
|
8.13 |
3.09 |
398.0 |
14.43 |
Centre |
Table 1: Highlighted drill results of Adelita skarn drilling. All widths are drill indicated, no cutoff criteria have been applied. Continuity of mineralization is shown graphically in the cross section below.
Figure 1: Cross section through first drill fence of Cerro Grande skarn.
Mineralization consists of chalcocite, native copper, chalcopyrite, bornite, covellite and copper oxides, hosted by garnet exoskarn. Lithologies vary from hornfelsed marbles and granodiorite to a variety of intermediate to felsic dikes, plus various garnet skarns. Copper mineralization with associated gold and silver occurs as disseminated to semi-massive sulfide with disseminated to coarse blebby native copper.
The Company is also pleased to announce that drilling has commenced at the Mezquital porphyry target, two kilometres west of Cerro Grande. Porphyry style stockworks, mineralization and alteration consistent with a calc-alkaline porphyry system have been intercepted in the three drill holes completed to date. The drill holes are collared along one kilometre strike of the system. Drill core photographs are posted to the Company's web site at www.oceanparkventures.com. Drilling has intersected zoned propylitic, phyllic and potassic alteration including molybdenum mineralization. Copper mineralization was intersected in the most recent drill hole within quartz-pyrite-magnetite-chalcopyrite veining drilled on the flanks of a strong chargeability high discovered by ground-based Induced Polarization (IP) geophysical surveying.
Results suggest the Mezquital target is underlain by a large copper-molybdenum porphyry system spread across a prospective surface area in excess of fifteen square kilometres. The interpreted core of the system appears to be marked by strong potassic alteration, as defined on surface, flanked by a strong chargeability halo measuring at least 2 kilometres by 3 kilometres. The Cerro Grande Skarn discovery is on the eastern flank of the Mezquital porphyry target. Pan American Silver Corp.'s (TSX: PAA) open pit Alamo Dorado silver mine, currently in production, is located 2 kilometres to the west of the Mezquital target.
Ocean Park can earn up to a 75% interest in the Adelita project through its joint venture with Minaurum Gold Inc. (TSX-V: MGG).
Drill core assay results are evaluated through a Quality Assurance and Quality Control (QAQC) procedure that includes the use of standards with known precious and base metal values, duplicated core intervals and blank samples in order to determine accuracy. Assaying was carried out by ALS Minerals of Vancouver, British Columbia.
Mr. Chris Taylor, M.Sc. P.Geo, is Vice President Exploration with Ocean Park and is the Qualified Person as defined by National Instrument 43-101, who supervised the preparation of the above information. Information related to past drilling and highlighted mineral properties was taken from previous public disclosures issued by the companies listed above.
For further information please contact Mr. Paul Matysek, M.Sc. P.Geo, Acting President and Chairman, Mr. Chris Taylor, M.Sc. P.Geo, Vice President Exploration or Mr. Robert Orr, Investor Relations at 604-681-0084.
OCEAN PARK VENTURES CORP.
On behalf of the Board
"Paul Matysek"
Paul Matysek, Acting President and Chairman
Copper Equivalency Calculations and Zone Geometry
Copper equivalencies were calculated using values of copper at $3.00/lb, gold at $1400.00/oz and silver at $25.00/oz. All values are in US dollars. No provision was made for metallurgical recoveries. The Cerro Grande target is a skarn occurrence, which deposits are generally variably mineralized and may have irregular geometries that are controlled by a combination of syn-mineralization structure, genetically related intrusions, and variation in the host lithologies.
About Ocean Park Ventures
Ocean Park is a well-funded Canadian mineral exploration company working in three leading jurisdictions, with active exploration including diamond drilling underway on 3 properties. A 75% interest can be earned through its joint venture in the Adelita Copper-Gold-Silver project, Sonora, Mexico, where a 15+ square kilometer porphyry system that is currently being drill tested is flanked by a copper-gold-silver mineralized skarn. Ocean Park can earn a 70% interest through its joint venture in the Trapper Gold project, northern British Columbia, where Ocean Park has identified a gold-copper porphyry complex with a surface signature of over 15 square kilometres and visible gold in drill core. The Company can earn up to a 100% interest in the Metla property, located 5 kilometres south of Trapper, through its earn-in agreement. The Company can also earn up to a 70% interest through its joint venture in the Chisna Gold project, south-central Alaska, where a 12+ kilometre gold-in-bedrock and soils target has been identified returning results as high as 260 g/t gold, the Golden Range.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.
For more information, please contact: Robert Orr, Investor Relations Ocean Park Ventures Corp. Tel: 604.681.0084
info@oceanparkventures.com www.oceanparkventures.com
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